On 3/3/14 it broke out from the 25/2/2008 downtrend line channel (blue). On the recent correction, it rejected nicely the 20 sma, above the line(circle).
The recent rise, may be attributed to a somewhat rising inflation expectations since Jan14', and a general bear market commodities rally ( also late cyclical sector ), which could be extended into late summer/2nd half.( AUD,EEM )
It tagged the projection line ( black ) channel, momentum has based-corrected, and has potential for another rally, while has still room for further consolidation on current levels, in the short term, as well.